The Insurance Industry has spent years studying how to hire people like those already working there. Now, it is realizing that the Millennials (those who were born between 1980 and 2000) could be the best option to fill the void left by the retiring Boomers (born between 1943 and 1960). The Millennials, or Generation Y as they are sometimes called, are the second largest and most influential generation of Americans. They range in size from 75 million to (some claim) more than 80 million. Their numbers will have a major impact on the global economy for many years to come.
The Millennial generation is known for their optimism and confidence as well as their achievement and Street Smarts. They are prime targets to fill the gap left by the retiring Baby Boomers. The Insurance Industry is the most in need of workers. It is still looking for older, more experienced applicants and is not looking at the next generation to revitalize the industry.
A study by Griffith Insurance Education Foundation in 2012 found that Millennials don’t know about the opportunities available within the industry. The survey revealed that Millennials want careers that solve problems and help others, which is pretty much what insurance does. According to this survey, which was one of the largest, Millennials want to work in an industry that is struggling to attract younger workers.
Why?
The Insurance Industry appears to be blind to the potential for a large part of the current workforce. They continue to focus on “retreads” which are people who have tried and failed within their industry, because it is easier than selling Millennials on the opportunity within Insurance Industry.
It is time for the industry to repackage their opportunity story to meet the needs and wants of Millennials. The top three job options among this large generation were a job helping people, a job solving issues, and a job helping other. Tell me, are those the most common insurance jobs? That is what insurance is all for. This generation of potential employees is hopeful and determined, but they aren’t getting the message. It isn’t being communicated. This industry needs a new, positive message. These are three things that the Insurance Industry can do to attract this new generation of hopefuls today and help it revitalize itself.
- The industry’s future is bright. Without it, the world would not be the same.
- Demonstrate the industry as one that solves issues – Insurance is all about dealing and solving problems.
- Demonstrate how insurance is about helping others. Insurance transfers risk from the uninsured to the well-informed.
These workers are between 18 and 34 years old, and the message of more money security and selling does not resonate with them (Millennials). These results are still a hindrance to employment in the industry, but they do not attract this new generation of committed, hopeful employees to a new career.
To attract Millennials, you need to communicate that there is an opportunity to collaborate with bright people, grow their careers, help others, and be recognized for your contributions. These outcomes will create the compelling story that will draw this new generation of hopefuls. This generation of committed and concerned individuals can help the Insurance Industry to revitalize itself and inject new energy into a vital part of the economy. As it has always been, insurance can be part of the solution and not part of the problem.
